Valeant won't pay whatever it takes for Allergan: CEO

Valeant Pharmaceuticals Inc won't pay whatever it takes to acquire rival Allergan Inc, and it will not turn its bid into an all-cash deal, Valeant Chief Executive Michael Pearson said on Tuesday in New York.

Valeant and activist investor Bill Ackman made an unsolicited $47 billion bid to buy Botox maker Allergan as it seeks to become one of the world's five biggest drug companies.

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(Reporting by Bill Berkrot in New York; Writing by Rod Nickel in Winnipeg, Manitoba; Editing by Meredith Mazzilli)